PV Drilling (PVD) Secures 249-Day Rig Contract for Su Tu Cluster, Block 15-1
This Aveluro analysis covers PVD (Cổ phần Khoan và Dịch vụ Khoan Dầu khí) in the Oil & Gas Equipment & Distribution sector. The classified event type is contract win, with positive sentiment and a deterministic market-impact score of 5.0/10. Aveluro classifies this story as a positive catalyst in the stock's news coverage. Source coverage came from CafeF - Thị trường chứng khoán, classified as a primary/top-tier source.
Key Facts
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Overview
PV Drilling (PVD) has secured a contract for its PV DRILLING I jack-up rig to drill three firm wells at the Su Tu cluster, Block 15-1, for PVEP Cuu Long. The rig recently returned to Vietnam after completing a campaign in Malaysia. The contract is expected to run for 249 days starting in March 2026, providing a visible revenue stream for PVD’s oldest rig.
Key Facts
- PV DRILLING I is PVD’s first jack-up rig, commissioned in 2007.
- The rig will drill three firm wells at the Su Tu cluster, Block 15-1, for PVEP Cuu Long.
- Contract duration is estimated at 249 days, beginning March 2026.
- The rig holds the record for the longest well in Vietnam (SNN3P, 7,300 meters, 2014).
- PV DRILLING I can drill to depths of 25,000 ft (7,600 m) and accommodate up to 120 personnel.
- The rig is built to Keppel KFELS Class B MOD V design, with ABS classification.
- PVD shares closed at VND 30,000 on June 1, 2026, down 1.64% on volume of 1.21 million shares.
What Happened
PV Drilling announced that its jack-up rig PV DRILLING I has returned to Vietnam after completing a drilling campaign in Malaysia. The company has signed a contract with PVEP Cuu Long, an operating arm of PetroVietnam Exploration Production Corporation (PVEP), to provide the rig for three firm wells at the Su Tu cluster in Block 15-1. The campaign is scheduled to start in March 2026 and last approximately 249 days.
PV DRILLING I is the oldest rig in PVD’s fleet, having been in operation since 2007. It has a strong track record, including setting the record for the longest well in Vietnam (7,300 meters) in 2014. The rig is capable of drilling to 25,000 feet and can house up to 120 workers. The contract underscores continued demand for PVD’s services in the domestic upstream sector.
Market Context
PVD shares closed at VND 30,000 on June 1, 2026, down 1.64% on moderate volume of 1.21 million shares. The stock trades on HOSE in the oil and gas services sector. The contract win provides near-term utilization visibility for PV DRILLING I, which had been operating overseas. Domestic drilling activity remains supported by PVEP’s development plans in the Cuu Long basin.
Strategic Significance
The contract reinforces PVD’s role as a key domestic rig provider for PVEP, its largest customer. Securing work for the older PV DRILLING I rig extends its economic life and contributes to fleet utilization. The 249-day campaign provides a clear revenue contribution for 2026, though the contract value was not disclosed. It also demonstrates PVD’s ability to redeploy rigs from international markets back to Vietnam.
What to Watch
- PVD’s Q2 2026 earnings release for revenue and margin impact from the contract.
- Any additional well options beyond the three firm wells.
- Utilization rates for PVD’s other rigs, particularly PV DRILLING II and III.
- PVEP’s overall drilling budget for Block 15-1 and other blocks.
- Dayrate trends for jack-up rigs in Southeast Asia.